HUDCO introduces new housing plan for government employees
Housing and Urban Development Corporation is coming up with a new housing scheme, where low rank government employees can own a house for themselves.
The state authority is in negotiation with the government agencies in Andhra Pradesh, Maharashtra, Punjab and Karnataka for its new Rent-to-Own scheme.
Before the scheme is launched, a government agency will first build an apartment. The loan will be approved by HUDCO, allowing government employees to stay in those houses on rent.
The policy of the new scheme is that during their stay, an additional amount will be deduced from the salary along with the House Rent Allowance (HRA), which will help them to repay the EMI requirement to HUDCO.
According to the chairman and managing director of HUDCO VP, they are trying for partnership with state housing boards, police housing boards, state transport corporations, etc for the new scheme.
Around 10 to 1,000 acres will be needed for the construction of the township. The guideline of the scheme states that, the ownership will be transferred to the tenants after the entire loan is paid, or after adjusting the balance outstanding in retirement benefits.
For now, HUDCO charges around 10% as the floating interest for the bulk lending portfolio to state governments.
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Andhra Pradesh, Housing and Urban Development Corporation, HUDCO, Indian real estate, Karnataka, Maharashtra, New Housing Scheme., new scheme, Punjab, Real estate in India, Realty News, Rent-to-Own scheme, Township
